Odisha court directs to confiscate property of Ponzi firm

A special court here today directed the state government to auction the properties of GLP Developers Ltd, a chit fund firm, and distribute the sale proceeds equitably among investors, who were allegedly duped by the company.

“The designated court directed to confiscate, auction the properties of GLP Developers Ltd and distribute the sale proceeds equitably among the affected investors,” said special public prosecutor, Subrat Mohanty.

The company collected deposits from people assuring them of high returns. Later, the company defaulted on payments following which the investors filed complaint against it.

The New Delhi-based company was incorporated in 2008 and expanded its business all over the country.